Leased, new listings up in October in Houston rental market

Leased listings in the Greater Houston area increased 4.9% year over year to 3,413 single-family home rentals while new listings increased 11.6% year over year with 5,917 single-family rental properties added to the market, according to the Houston Association of Realtors' October Rental Market Update released Nov. 20.

The details

The report also found:

• The average lease price increased 0.9%—from $2,230 to $2,250.
• Townhome and condo leased listings increased by 6.5% year over year—from 523 to 557 units.
• New listings for townhomes and condominiums rose 10.6% year over year—rising from 974 to 1,077 units.
• The time it took to lease a home increased to 36 days from 32 days last October.

What they’re saying

“October marked another strong month for Houston’s housing market, with both resale and rental sectors experiencing significant growth,” said HAR Chair Thomas Mouton in the release. “With mortgage rates remaining volatile, I believe more potential homebuyers will take a wait-and-see approach, further fueling the rental market in the coming months.”